Happy Forgings, a precision machined components manufacturer based in Punjab, is gearing up for its initial public offering (IPO). The subscription for the public issue is scheduled to open on December 19 and close on December 21. The Happy Forgings IPO encompasses a combination of a fresh issue, amounting to ₹400 crore in shares, and an offer-for-sale involving 71.6 lakh equity shares from existing shareholders. In this offering, Promoter Paritosh Kumar Garg (HUF) plans to divest 49.2 lakh equity shares, while the remaining 22.4 lakh shares will be offered for sale by the investor India Business Excellence Fund – III. The company, which primarily caters to domestic and international original equipment manufacturers in sectors such as automotive, off-highway vehicles, oil and gas, power generation, railways, and wind turbine industries, intends to utilize the net proceeds from the fresh issue for specific purposes. This includes acquiring equipment, plant, and machinery, estimated at ₹171.1 crore, and clearing debts amounting to ₹152.76 crore. The remaining funds will be allocated for general corporate purposes.